Japan's Softbank Group shares have reached their highest levels in 20 years.
According to Arabnet, this performance came in light of the strong performance of the group's subsidiaries, especially Uber, and the positive outlook for the group's investment portfolio that intends to IPO in the capital markets .
Uber's shares have risen by about 70% since the beginning of this year at a time when the Japanese Softbank Group's share in the group is about 13%, making the value of that stake about 11 billion Dollar after the recent rise in the US ride-hailing company, according to Bloomberg News.
The Japanese giant has also received support from the food delivery app DoorDash, which filed for its initial public offering earlier this month at a time when the Japanese group owns a majority stake in the food app. Famous in the United States.
SoftBank shares rose in Tokyo Stock Exchange trading Friday by 2.3% to record levels of 7250 Japanese yen, equivalent to about 69.6 dollars per share, which is the highest level recorded in 20 years, specifically Before the dot com bubble burst at the turn of the current millennium 2000.
and earlier this week, Citigroup Research Group raised the company's target price per share to levels of $ 105.6 per share from a previous level of $ 98 per share, and attributed the matter at the time. The company's future earnings prospects improved, while Nomura Holding also raised the target price for the share to levels of $ 87, and attributed the matter to the same aforementioned reasons.
The Japanese group recorded profits of about 784.4 billion yen, the equivalent of $ 7.5 billion from its Vision Fund in the three months ending last September, in what appeared to be a sign of The group that is actively investing in technology sector stocks has started reaping the fruits of its strategy by betting on investing in these types of stocks.
